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2019 REVIEW: 12th parliament repeals interests rate cape restricting banks from charging more

30th December, 2019

The interest rate cap was repealed in 2019, after being in effect since 2016. From commercial banks to the international monetary fund – many, had expressed the need to remove the cap over the last three years. The removal however, has Kenyans wondering if banks will return to charging astronomical interest rates in the near future.